Boise’s newest affordable apartments have just opened on the Central Bench.
The Franklin Apartments opened Wednesday at 227 S. Orchard St., on the southwest corner of Franklin Road and Orchard Street across from a Fred Meyer store. The Franklin has 205 apartments spread among four buildings.
The apartments, from Utah developer J. Fisher Cos., are the city’s first affordable housing development to be built on a site in the city’s land trust, according to prior Idaho Statesman reporting. The trust’s leases cost developers far less than buying land on the market.
The Franklin includes 59 one-, 106 two- and 19 three-bedroom units, with most reserved for those earning 60% or below the area median income, according to the city of Boise. In Boise in 2024, 60% of the area median income for a one-person household was $41,160, a two-person household was $47,040 and a three-person household was $52,920.
What is rent at The Franklin?
Rents for affordable units are capped at 30% of the household income. That means rents max out at $1,029 for a one-person household, $1,176 for a two-person household and $1,323 for a three-person household.
(60% of Median Income)
|
Household Size| |
Annual Gross Income| |
Affordable Rent* |
|
1 Person |
$41,160 |
$1,029 |
|
2 Person |
$47,040 |
$1,176 |
|
3 Person |
$52,920 |
$1,323 |
|
4 Person |
$58,800 |
$1,470 |
The Franklin includes 20 apartments for families exiting homelessness.
While most apartments qualify as affordable housing at The Franklin, some may are offered at market rate. Market rate apartments at The Franklin run from $1,057 per month for a one-bedroom unit to $2,100 for a three-bedroom, according to The Franklin’s leasing portal.
The complex includes a child care center adjacent to Franklin Park, according to a news release from the city.
Those interested can apply on The Franklin’s website or call the leasing office at 208-247-3111.
A full list of Boise’s income and affordable rent guidelines can be found at https://www.cityofboise.org/departments/planning-and-development-services/housing-and-community-development/income-guidelines/.
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